OpenAI is experiencing explosive growth. Revenue rose to $300 million in August – an increase of 1,700 percent since the beginning of 2023. The company expects to reach $3.7 billion in revenue for the full year 2024. This is according to financial documents obtained by the New York Times.
Despite the boom, OpenAI is in the red. A loss of around 5 billion US dollars is expected for 2024. The high costs are mainly due to the operation of AI services. To finance further growth, the company is currently seeking an investment round that could value it at $150 billion. It is also trying to move away from its non-profit structure.
At the same time, the number of users is growing rapidly. About 350 million people use OpenAI’s services every month, of which about 10 million pay for a ChatGPT subscription. The company plans to raise the monthly subscription price by $2 from the current $20 by the end of the year. Over the next five years, the price is expected to rise to $44. OpenAI is targeting $100 billion in revenue by 2029.